Arabtec, Aabar extend due diligence date for merger

Dubai-based construction firm Arabtec said on Sunday that the due diligence date for its planned merger with Abu Dhabi-based Aabar Investments had been extended to April 16. “Because of the enormity of the task at hand and the limited time frame, both parties agreed to amend the subscription agreement and the term sheet to extend the due diligence date to midnight April 16 2010,” Arabtec said in a statement on the Dubai Financial Market website.

In January this year, Aabar had agreed to acquire a 70 percent stake in Arabtec by buying mandatory convertible bonds, in a deal said to be worth about $1.7 billion, according to Reuters.